Axa Group

The impairment of financial instruments was largely responsible for the 20.0% reduction in Axa’s net investment result

Two thousand and seven was a much more challenging year for the French based insurance and financial services group Axa than the 11.0% increase to €6.4bn in its consolidated net profit result or even the 20.0% increase in its total gross revenues to €93.0bn might suggest. In the table below, a much more reliable indication of the group’s performance last year (compared to the previous year) is to be found in its pre-tax result where, in stark contrast to the net result, the year-on-year increase was only 0.9% from a pre-tax profit of €7.6bn in 2006 to a pre-tax profit of €7.7bn in 2007. This compares with 2006 when Axa most notably increased its pretax profits by 24.0%.